Small print? Oh, you betcha. First, you're limited to two vehicles per household. Second, unlike most CDs, at the end of its five-year life, you will cash out for exactly what you put in. Basically, you're letting the bank hang on to your $1 million for five years in return for that $60k-ish Mercedes you're driving. Instead of 1.2-percent APR you would normally collect at the end of the CD's life, you're getting a car up front.

Pull your money out early, and you'll get back what you put in, minus the cost of the car and a $3,000 early withdrawal fee.

Still, if you can spare a million for five years, and were about to buy a Mercedes anyway, it could be a good deal.

For details (and more small print) check out the press release by scrolling below.

Show full PR text

C1 Bank Clients Who Deposit $1 Million to Receive a New Mercedes-Benz With Launch of Revolutionary CD Product

TAMPA, Fla., April 26, 2012 /PRNewswire/ -- Trevor Burgess, CEO of Community Bank announced today that, in conjunction with its name change to C1 Bank on May 1st and in partnership with Crown Eurocars, it will be offering a new five year $1,000,000 CD product where the client will receive a brand new Mercedes-Benz from Crown Eurocars as pre-paid interest.

Clients will be able to choose from the 2012 SLK350 Roadster, 2012 E350 Sedan, 2012 ML350 SUV, and 2012 E350 Convertible.

C1 Bank CEO Trevor Burgess said, "C1 Bank is offering its clients the ability to drive off in their own brand new Mercedes-Benz just for moving their money to C1 Bank. In this interest rate environment where the five year CD has an APY of 1.20% it is thrilling to change the game with the instant gratification of a spectacular Mercedes-Benz that our client will own including tax, title, and license."

"Crown Eurocars is extremely excited about this innovative program and are pleased to join C1 Bank in this effort. In doing so, we look forward to this partnership further enhancing both our commitments to serving the Tampa Bay community," said Larry Casto, General Manager of Crown Eurocars.

"It's great to see two Pewter Partners join together to offer something truly extraordinary for their clients," said Tampa Bay Buccaneers Co-Chairman Bryan Glazer. "We are proud to align our brand with innovative leaders and quality brands in the Tampa Bay community."

The Fine Print:

C1 Bank's 60 month Certificate of Deposit (CD) special with a minimum opening and required minimum balance of $1,000,000.00 is valid through July 31, 2012. Offer applicable to traditional certificate of deposit accounts only. Individual Retirement Account certificates of deposit are not eligible for this special offer. This offer is for a limited time and may be withdrawn at any time without notice. This offer is applicable for NEW funds and is available for Consumer deposits only. Offer valid for Florida Residents only, age 18 years or older with a valid Florida driver's license. Offer is limited to two (2) Mercedes vehicles per household for this promotion. Subject to the terms and conditions of the deposit contract, C1 Bank will pay a pre-calculated interest rate of 1.19% with an annual percentage yield ("APY") of 1.20% in advance on deposited funds at the completion of account opening. The 1.20% APY is available for new accounts only opened on or before May 31, 2012. For new accounts opened after May 31, 2012 the interest rate and APY will be based on the 60 month interest rate offered in connection with this promotion at the time the account is opened and compounded daily. The pre-calculated interest in advance amount $61,294.00 based on the 1.20% APY available through May 31, 2012, can only be used towards the purchase of one of four (4) specific Mercedes-Benz vehicle models from Crown Eurocars Inc. with a MSRP of $59,585.00 and includes $3,488.34 sales tax, $687.70 delivery fee, $2.50 Florida Lemon Law fee, $6.50 Florida tire and battery fee, $500.00 registration/tag and $24.00 electronic filing fee with a total purchase price, net of $3,000.00 discount, of $61,294.04. Client will be responsible for any other fees or charges incurred in connection with purchase. The four (4) promotional models available for purchase are the 2012 SLK350, E350, ML350, or E350 Convertible, subject to dealer availability and with a $59,585.00 MSRP. Client may select vehicle from available inventory designated by Crown Eurocars Incorporated. If Client selects vehicle from other inventory of Crown Eurocars Incorporated, Client will be responsible for the difference between the pre-calculated interest in advance amount and the purchase price of the vehicle and any related increase in taxes, fees and other costs associated with the purchase of the vehicle. Vehicle color and options subject to availability. Vehicle may only be registered in the name of the Primary account owner and cannot be exported to any location outside of the continental United States for a period of 12 months from the date of purchase and delivery. Client will be responsible for Insurance, Warranties, Licenses, and any other fees and costs not covered under the terms and conditions of this promotion. Client is responsible for taking delivery of the vehicle at Crown Eurocars Incorporated located at 6001 34th St N Saint Petersburg, FL 33714. Pre-calculated interest earned and paid in advance on the CD may be subject to applicable State or Federal taxes. C1 Bank will issue a same year (2012) 1099-INT Interest Statement for pre-calculated interest earned. Client should consult and discuss any taxation issues with a tax advisor. FDIC deposit insurance covers the standard deposit insurance amount of $250,000.00 per depositor, per insured bank, for each account ownership category, as provided by applicable law. FDIC Insurance Coverage can be calculated using the FDIC's online Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie. Significant early withdrawal penalties will apply to the certificate of deposit available through this promotion. The principal amount will be reduced by any penalty for the early withdrawal of funds. In the event of early withdrawal, C1 Bank will deduct from the $1,000,000.00 principal amount deposited the amount of the pre-calculated, pre-paid interest paid in advance and specifically used for a Mercedes-Benz vehicle purchase from Crown Eurocars Incorporated, including any delivery, tax and costs paid with such interest ($61,294.04). In addition to the early withdrawal penalty, C1 Bank will also deduct an early withdrawal fee of $3,000.00 from the $1,000,000.00 principal amount deposited. The early withdrawal penalty and the early withdrawal fee could reduce the earnings on your certificate of deposit account. Partial withdrawals are not allowed. Once the CD is opened, client agrees to be bound by the terms and conditions of the promotional offer and deposit account agreement during the 60-month term of the CD and even after the account is closed. At maturity of the full term with no exceptions or withdrawals, the client is entitled to receive from C1 Bank the $1,000,000.00 principal amount of deposited funds only. The CD is not auto-renewable.In addition, by accepting the terms and conditions of the promotional offer, the primary account holder forever releases and holds C1 Bank and CBM Florida Holding Company and Crown Eurocars Inc. harmless from any and all liability for any injury, loss or damage of any kind to persons, including death, and property arising in whole or in part, directly or indirectly, from acceptance, possession, use or misuse of the vehicle, or participation in the offer. This promotion and agreement will be governed by the laws of the State of Florida and applicable federal laws and regulations. C1 Bank is not responsible for any incorrect or inaccurate information provided in advertising. C1 Bank reserves the right to cancel or modify this offer at any time without notice. Please visit C1 Bank for full terms and conditions of this limited time promotional offer. Vehicle color is subject to availability.

About Community Bank - C1 Bank:

Community Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 18 locations in Pinellas, Hillsborough, Manatee, Charlotte and Pasco counties and online at www.communitybanknow.com. Community Bank is changing its name effective May 1, 2012 to C1 Bank and will be changing its web site to www.C1Bank.com. Community Bank is a leader in checking, savings and money markets, residential mortgages, business loans, SBA loan programs, and association and treasury services. Community Bank is the Official Bank of the Tampa Bay Buccaneers and the Official Bank of the Outback Bowl.

Community Bank services include:

Full Service Checking, Savings and Money Market depository products for consumers and businesses

Residential mortgages, from "30 years fixed" to "jumbo" products all with fast local decision making

Business and commercial real estate loans of up to $19 million to help local businesses grow
Small Business Administration loans of up to $5 million - Community Bank is a Preferred Lender and is consistently ranked as one of the region's top SBA lenders

Association and Treasury Services - providing lockbox services to condominiums, doctors and other businesses who need to carefully track their accounts receivable

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

Even so, if you sell it immediately after driving it off the lot (and lose 20%), then immediately reinvest that money in an investment with 5% return, compound it over 5 years you come out with 2% more money than you had in the car's pre-driven value.
$60k car
$48k selling price
$61.2k after 5% return for five years (not too hard to come by, though there's risk in any investment)
I wonder if you could line up a buyer beforehand - in other words, you sign up for the CD, but have the car titled in someone else's name. That way, he gets a brand new car (he's the first title holder) and you could sell it for more (say, 10% less than at a dealer, instead of 20%).
Still wouldn't take the deal though.

Not such a great deal. The $1M gives $77K interest in five years at 1.5%. I guess you could argue the car up front represents a hamburger today for two next Wednesday, but a basic SLK roadster is MSRP $54,800 + $875 shipping plus a few grand taxes, etc., so call it $60K even.
Bottom line, the $1M at 1.5% interest would pay the lease or purchase of the car anyway.

also the sales tax on the car would seemingly be paid by the dealer, but ostensibly you would have to claim the car as a capital gain on your 2012 personal income tax return.
so basically this bank is offering to hand you a bill for 15% of the cost of the car, tie up a ton of your capital--for half a decade--while you sit there and watch helplessly as inflation depletes its purchasing power by a minimum of 1.8% each year. great deal.

thats a joke. nobody with any amount of money--let alone a million+ in cash--is going to tie it up for 5 years at 1.2%. if you factor VERY conservative inflation rates of 3%, and your pile of cash is actually losing 1.8% of its purchasing power y-o-y...and that's only if inflation remains reasonable, which it probably wont.
although, a wiser man than myself once said that a suckers born every minute

This bank must think people are stupid, I doubt any one with a million dollars just lying around is that dumb, my credit union offers me 2.5% with no minimum and no contract. Also some one with a million dollars lying around could careless about a cheap Mercedes they already own 1 or 2 of the most expensive Mercedes.

and 5 years of a conservative investment strategy will net you a LOT more than what that car is worth.
They must be targeting stupid people with 'old money'. Anyone smart enough to make themselves a million in cash is smart enough to laugh at this

This is a bad idea for several reasons:
1) FDIC only insures up to $250k. If that bank goes under you are out $750k.
2) You are giving the bank a $1M loan for a car that will be worth maybe $20k in five years. That is a rate of return of 0.20%. Terrible.
3) You will take a $50k tax hit all at once instead of getting a yearly 1099 interest statement. That would not be favorable in some cases.
People with $1M sitting around are not going to buy this gimmick.